At the End of Years 1 Through10,an Investor Deposits $450

question 19

Essay

At the end of years 1 through10,an investor deposits $450 per year in a bank account paying 9% per year.At the end of years 11 through 20,she withdraws $450 per year.At the end of years 21 through 30,she deposits $450 per year.What is the account balance at the end of year 30?

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Definitions:

Definiteness

A characteristic of a contract that requires its terms to be clear enough for the parties involved to understand their obligations and rights.

Reasonable Time

An amount of time that is fair and appropriate under the circumstances to perform a legal duty or obligation.

Promissory Estoppel

A legal principle that prevents a promisor from going back on a promise when the promisee reasonably relies on that promise to their detriment.

Revocations

The act of officially cancelling or withdrawing something, such as a license, permission, or legal right.